The Limits power meter that we told you about last month has smashed its funding target on Indiegogo with five days of its campaign remaining. The project currently has pledges from 1,007 contributors amounting to 212% of the US$100,000 (about £65,000) goal. You need to stick at least US$249 (about £161) in the pot to be in line to receive a Limits power meter when they become available at the end of the year.

The Limits power meter is a CNC machined cromoly device that fits between your left crank and any standard pedal (9/16th x 20tpi axle). You remove the pedal, screw the Limits devices into the hole, and then tighten the pedal onto the Limits. There is, of course, a dummy unit that fits to the right crank so as to maintain symmetry.

The system is designed to work with any frame, crank and pedal, and you don’t need to replace any existing components. Swapping between bikes is said to be an easy task with normal workshop tools.

£161 (plus US$10, around £6.50) makes the Limits system the most affordable power meter that we know of (feel free to tell us down below if you know of any cheaper power meter).

The Limits power meter measures your cadence using an inclinometer (so there’s no need for a magnet) that, according to the designers, can detect rotational change of less than 1°, while strain gauges measure the force you’re applying and use that, along with crank length, to work out torque.

The system uses this information to calculate your power and sends it to a head unit via ANT+. That means the system is compatible with Garmin Edge computers, for example. The team behind Limits says that future versions will offer Bluetooth Smart compatibility as well.

How accurate is the Limits system? That’s the first question everyone wants answered. The claim is ±2%.

The expected retail price is US$384 (about £250), so you’ll save yourself around £90 if you go through Indiegogo, but you need to act quickly because there are only five days remaining.

We've not used the Limits system so we can't comment on the performance.

For more info go to our previous story or go to the Limits page on Indiegogo.